Design, Research, Promotional And Consulting Services Market Definition And Segments
A design is a plan or something made in the arts or fashion. It is a strategy for arranging elements in the most effective way to achieve a specific goal. Research is described as the creation of new knowledge and/or the creative application of existing knowledge to generate new concepts, methodologies, and understandings. Promotional services are those that aid in spreading the word about a given good, service, or business. Consulting services refer to the delivery of knowledge or strategic counsel that is made available for consideration and judgement.
The main types of design, research, promotional, and consulting services are photographic services, market research services, advertising, public relations, and related services; scientific research and development services; environmental consulting services; management consulting services; specialised design services; architectural and engineering consultants; and related services. Photographic services is a department of Design and Publication Services that offers photographic services to university academics and employees, such as a photographer and a photo lab technician. The different modes include online and offline. The various service providers include large enterprises as well as small and medium-sized enterprises.
The design, research, promotional and consulting services market covered in this report is segmented –
1) By Type: Photographic Services, Market Research Services, Advertising, Public Relations, And Related Services, Scientific Research And Development Services, Environmental Consulting Services, Management Consulting Services, Specialized Design Services, Architectural, Engineering Consultants And Related Services
2) By Mode: Online, Offline
3) By Service Provider: Large Enterprise, Small and Medium Enterprise
Subsegments Covered: Portrait Studios Services, Commercial Studios, Marketing Research And Analysis Services, Public Opinion And Election Polling, Advertising Agencies, Other Advertising Services, Public Relations, Direct Mail Advertising, Billboard & Outdoor Advertising, Media Buying Agencies And Representative Firms, Print Advertising Distribution, Social Sciences And Humanities Services, Physical, Engineering, And Life Sciences, Nanotechnology Services, Biotechnology Services, Site Remediation Consulting Services, Other Environmental Consulting Services, Water And Waste Management Consulting Services, Environment Management, Compliance And Due Diligence, Operations Advisory, Financial Advisory, Technology Advisory, Strategy Advisory, Other Consulting Services, HR Advisory, Interior Design Services, Graphic Design Services, Industrial Design Services, Fashion And Other Design Services, Engineering Services, Architectural Services, Laboratory Testing Services, Surveying & Mapping Services, Building Inspection Services, Geophysical Services, Drafting Services
The design, research, promotional and consulting services market size has grown strongly in recent years. It will grow from $4,572.84 billion in 2023 to $4,805.39 billion in 2024 at a compound annual growth rate (CAGR) of 5.1%. The growth in the historic period can be attributed to technological advancements, globalization, marketing and advertising, consumer behavior.
The design, research, promotional and consulting services market size is expected to see strong growth in the next few years. It will grow to $5,915.82 billion in 2028 at a compound annual growth rate (CAGR) of 5.3%. The growth in the forecast period can be attributed to digital transformation, economic conditions, environmental concerns, regulatory changes. Major trends in the forecast period include data analytics and ai, sustainability and csr, e-commerce and online presence, remote work and collaboration tools.
Stable Economic Growth Fuels Expansion Of The Design, Research, Promotional, And Consulting Services Market
Stable economic growth is expected to propel the growth of the design, research, promotional, and consulting services market going forward. For instance, in September 2023, according to the report published by the Conference Board, a US-based non-profit organization, real GDP will increase by 2.9% globally in 2023. According to another report published in June 2023, by the Organisation for Economic Co-operation and Development, a France-based intergovernmental organization, global GDP growth in 2023 is projected to be 2.7%. Additionally, the OECD's Interim Report published in September 2023 projects that the global economy would expand by 3.0% in 2023. Stable economic growth is expected to increase investments in end-user markets, thereby driving the market during the forecast period.
Evolving Cyber Threats Propel Demand For Architectural And Engineering Consultants In Security Infrastructure
The growing cases of cybercrimes are expected to boost the growth of the architectural, engineering consultants, and related services market going forward. Cybercrime refers to criminal activities that are carried out using digital technologies or over the internet. Architectural and engineering consultants can play a role in designing and implementing secure building and facility designs that incorporate cybersecurity measures, such as access controls, secure data storage, and surveillance systems. For instance, in July 2021, according to the cybersecurity threatscape report by Positive Technologies, a Russia-based cybersecurity company, the number of cyberattacks increased by 17% in Q1 of 2021 compared to Q1 of 2020, and it increased by 1.2% as compared to Q4 2020. Therefore, the growing cases of cybercrimes are driving the growth of the architectural, engineering consultants, and related services market.
Major companies operating in the design, research, promotional and consulting services market include Accenture PLC, Deloitte Touche Tohmatsu Limited, Total SA, PowerChina, WPP PLC, PricewaterhouseCoopers International Limited, Ernst & Young, Omnicom Group Inc., Jacobs Engineering Group Inc., Fluor Corporation, Power Construction Corporation of China Ltd., International Business Machines Corporation, McKinsey & Company Inc., Boston Consulting Group Inc., Bain & Company Inc., KPMG International Limited, Nielsen Holdings PLC, Ipsos SA, GfK SE, Kantar Group Holdings Limited, Forrester Research Inc., International Data Corporation, Frost & Sullivan Inc., Navigant Consulting Inc., ICF International Inc., Booz Allen Hamilton Holding Corp., Kearney, Oliver Wyman Group Inc., Mercer Inc., Willis Towers Watson Holdings PLC, Marsh & McLennan Companies Inc., Huron Consulting Group Inc., FTI Consulting Inc., AlixPartners UK LLP, Alvarez & Marsal Holdings LLC.
Resilience And Recovery Of The Design, Research, Promotional, And Consulting Services Market Post-COVID-19
The outbreak of COVID-19 disease (COVID-19) has acted as a restraint on the design, research, promotional, and consulting services market in 2020 as governments globally imposed lockdowns and restricted trade, thereby limiting the need for professional services. COVID-19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People's Republic of China and has spread globally, including Western Europe, North America, and Asia. Steps by national governments to contain the transmission have resulted in a decline in economic activity with countries entering a state of 'lock down.' The outbreak has had a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the design, research, promotional, and consulting services market will recover from the shock across the forecast period as it is a 'black swan' event and not related to ongoing or fundamental weaknesses in the market or the global economy.
Transitioning Towards Value-Oriented Billing Models In Design, Research, Promotional, And Consulting Services
Companies in the design, research, promotional, and consulting services market are shifting from the traditional per-hour and per-month revenue models to a value-oriented revenue model. In line with increasing wages and pressure from clients to lower pricing, many companies are shifting towards value-oriented billing. Value-oriented billing is easy to apply in markets such as management consulting and market research since the value (such as tax savings, damage awards, ad placements, or the size of an acquisition or merger) is often explicit. It is expected that more design, research, promotional, and consulting service providers will shift to value-based pricing as they try to become 'advisors' rather than just service providers.
Development Of Products To Drive The Revenues Of Design, Research, Promotional, And Consulting Services Market
Major companies operating in the design, research, promotional, and consulting services market are developing new products such as financial planning tools to meet larger customer bases, more sales, and increase revenue. Financial planning tools are instruments used to help individuals and organizations manage their finances and achieve their financial goals. For instance, in April 2021, Barker Langham, a UK-based consulting services provider, launched Barker Langham Analytics, a tool for business planning that enables effective financial data modeling to aid institutions in making business choices. The online tool uses a financial model to absorb financial data and generate a budget or business plan. Before producing and reporting a business plan in a single, cloud-based location, Barker Langham Analytics has separate modules where organizations can enter information about their workforce, audiences, income streams, and expenditures.
North America was the largest region in the design, research, promotional and consulting services market in 2023. Western Europe was the second largest region in design, research, promotional and consulting services market. The regions covered in the design, research, promotional and consulting services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The countries covered in the design, research, promotional and consulting services market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa
The design, research, promotional and consulting services (also referred to as general professional services) market consists of revenue earned by entities that offer expertise and services to a wide range of industries, and in some cases to households and individuals. Activities include architectural services, engineering services, design services, research services, advertising services, and other design, research, promotional and consulting services. Design, research, promotional and consulting establishments undertake processes where human capital is the major input. These establishments make available the knowledge and skills of their employees, often on an assignment basis, where an individual or team is responsible for the delivery of services to the client. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The design, research, promotional, and consulting services market research report is one of a series of new reports from The Business Research Company that provides design, research, promotional, and consulting services market statistics, including design, research, promotional, and consulting services industry global market size, regional shares, competitors with a design, research, promotional, and consulting services market share, detailed design, research, promotional, and consulting services market segments, market trends and opportunities, and any further data you may need to thrive in the design, research, promotional, and consulting services industry. This design, research, promotional, and consulting services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future state of the industry.